Definition. This chart presents the BTC-denominated volume flowing into 🟢 and out of 🔴 all exchanges we monitor, shown as the following traces:

• 🟢 BTC Denominated Inflow Volume
• 🔴 BTC Denominated Outflow Volume (shown as negative)
• ⚫ BTC Denominated Netflow Volume (7D-EMA)

Technical. Inflow and outflow volumes are plotted as mirrored columns (outflows inverted below zero), and the netflow trace is a 7-day exponential moving average of their difference:

• Netflow (7D-EMA) = ema(Inflows - Outflows, 7) ⚫

Interpretation. Inflows represent coins deposited to exchanges, commonly read as supply being moved into liquid, tradeable positions, while outflows represent withdrawals into self-custody, which has historically accompanied accumulation and holding behavior. Generally speaking, there is a comparable volume of inflows vs outflows each day, leading to a smaller aggregate netflow volume — hence the 7D-EMA of netflows is presented to better identify meaningful trends and bias in either direction. Sustained positive netflows indicate supply accumulating on trading venues, sustained negative netflows indicate exchange reserves draining, and large spikes on both sides are characteristic of high-volatility events. Denominating in BTC isolates the movement of coins themselves, independent of price.

Notes. Built from Exchange Inflow Volume and Exchange Outflow Volume; the netflow is also available natively as Exchange Netflow Volume. See the USD-denominated view in Exchange Deposit and Withdrawal Volume (Total) [USD] and the Ethereum counterpart Exchange Deposit and Withdrawal Volume [ETH].

Transparency Notice: Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies. Please read our Transparency Notice when using exchange data